The clock is ticking fast for the Brexit date, however, the Theresa May administration hasn’t yet managed to agree on a deal before exiting the bloc. The fear of the no-deal Brexit hazard has forced many companies to spread or relocate business operations in other EU nations.
One such sector is the distributed ledger technology space, as companies engaged in blockchain related businesses are shifting operations to other countries, the most preferred choice for them is Ireland. The country has been among the leading countries in the world for blockchain technology. The Irish government has, in fact, formulated an organization, Blockchain Ireland, focused at developing blockchain platform in the country.
Blockchain Ireland will be hosting the ‘Blockchain Ireland Week’ in Dublin. The event will be held between May 24 to May 31 and will be focused on promoting the growth and development of blockchain technology in the country. Important sections like entrepreneurs, corporate leaders, investors and developers will be attending the event, for exploring opportunities in the blockchain space.
Blockchain was first introduced as the underlying platform for the famous cryptocurrency Bitcoin, over a decade ago. Since then, it has been gaining popularity and has become one of the fastest growing technologies of recent times. In 2018, over $5 billion was invested in the sector by venture capital firms, a significant bump from the previous year’s $1.5 billion. Experts have considered it to be the best technology created in recent years, after the internet itself.
Ireland has been investing heavily in the innovative tech for a long time. In September 2018, the government launched a project focused at developing innovative technologies like blockchain, artificial intelligence and Internet of things. The project was valued at €5 million. Apart from this, Ireland is also one of the countries with the most liberal policies for the blockchain platform. All of these facts suggest that Ireland wants to become a European and global powerhouse to distributing ledger technology.
The blockchain space has also been greatly benefited by the emergence of giant corporations including Microsoft, Intel, IBM, JPMorgan and Facebook, which has provided the much-needed capital for research and development. IBM is currently leading the blockchain space, and by quite some margin. The New York-based company has been investing heavily in the revolutionary tech, and recently launched a blockchain based global payments solution, in partnership with Stellar coin.
With companies conducting several experiments on the blockchain, newer possibilities have come to light, further increasing the demand for the tech. Countries like Australia and Canada have signed deals with IBM and other blockchain based start-ups, to develop and implement various blockchain based solutions for public departments.
IBM will also be developing a blockchain network to eliminate the evil of counterfeit drugs in African nations. Many industry experts have claimed that blockchain will account for over half of the global economy as early as 2025. The year 2018 saw many new entrants step in the distributed ledger technology world. Europe is one of the most important markets for blockchain related business, as the adoption of blockchain technology has been quite remarkable.
If there’s a no-deal scenario, fintech companies in the UK Will face several issues, one of them being a shortage of skilled workforce. Ireland government and private initiatives house some of the best blockchain professionals in Europe, which makes it an apt country for blockchain businesses.
Blockchain technology has penetrated several sectors like banking, finance, agriculture and virtual gaming. There was a significant bump in the number of blockchain related patents filed in 2018, in comparison to the previous year. For dominance in Europe, the technology requires a base with favourable conditions, which makes Ireland the natural hub for blockchain.